1. Enhancing awareness of the external environment
1.1. Environmental Forecasting: Involves the development of plausible projections about the direction, scope, speed and intensity of environmental change.
1.1.1. Environmental scanning
1.1.1.1. Involves surveillance of a firm’s external environment to predict environmental change and detect changes already underway.
1.1.2. Competitive intelligence
1.1.2.1. Analyse external environment that track evolution of environmental and evaluate how environmental trends change.
1.1.3. Environmental monitoring
1.1.3.1. Helps firms define and understand their industry and identify rival’s strengths and weaknesses by collecting and interpreting it.
1.2. Scenario Analysis
1.2.1. Definition : A more depth approach to forecasting that involves experts’ detailed assessments of societal trends, economics, politics, technology, or other dimension of the external environment.
1.2.2. It does not rely on extrapolation of historical trends. Rather, it seeks to explore possible developments that may only be connected to the past.
1.3. SWOT Analysis
1.3.1. Definition: A framework for analysing a company’s internal and external environment.
1.3.2. Types of condition:
1.3.2.1. Internal
1.3.2.1.1. Strengths
1.3.2.1.2. Weaknesses
1.3.2.2. External
1.3.2.2.1. Opportunities
1.3.2.2.2. Threats